When you sell an investment, your gains or losses depends on your cost basis.

If you sell for more than your cost, you end up owning capital gains taxes on the increase. If you sell at a loss, you don’t have to pay taxes on the difference; instead, you might be able to claim a tax deduction for your investment loss.

How a Refund Anticipation Loan Works

When you work as someone who is self-employed, one of the costs of doing business is paying the self-employment tax. As you get ready to pay your taxes, don’t forget that you will need to add the self-employment tax.

What is the Self-Employment Tax, and Who Must Pay It?

The self-employment tax encompasses Medicare and Social Security taxes. For those who are more traditionally employed, these taxes are automatically taken out of the paycheck. The employer pays a portion of the tax, and the employee pays a portion.

Note that as a self-employed person, you will be responsible for the entire tax on your own — both the employer portion and the employee portion.Continue Reading

As tax season moves into high gear, thoughts turn toward how to improve tax efficiency.

There are a number of legal ways to reduce what you owe in taxes, thanks to deductions and credits. If you think about your expenses, and re-examine your position, it is quite likely that you will find a few commonly overlooked deductions and credits that you missed.

Disclaimer

Free From Broke is for general information or entertainment purposes only and does not constitute professional financial advice. Be smart and do your own research or contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Disclaimer

Free From Broke is for general information or entertainment purposes only and does not constitute professional financial advice. Be smart and do your own research or contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.